Canadians finalize the agreement with "Geo-Jade" for 575 million dollars
Value - 2.2 dollars price per share. The transaction price represents a premium of 98% above the market value of the "Bankers".
Approval - The agreement was unanimously approved by the Board of Directors of Bankers and voted by shareholdersSubsidiaries - The buyer and "Charter Power" are subsidiary of Petroleum Geo-Jade company, one of the largest companies of oil in China.
The Chinese take in control the Albanian oil. The Canadian company "Bankers Petroleum" that controls most of the sector of oil production, announced that yesterday entered into a definitive agreement with "1958082 Alberta Ltd." (the buyer) and the "Charter Power Investment Limited" to purchase all "Bankers Petroleum Ltd" shares with a price of USD 2.2 per share. The bayer and the Charter Power are subsidiaries of the company "Petroleum Geo-Jade", one of the largest independent exploration and production of oil and gas in China. The transaction will be implemented through a plan that is based on Canadian law (Act of the Province Alberta). Based on the agreement "Bankers Petroleum" is estimated at 575 million dollars excluding liabilities.
Price
The transaction price represents a premium of 98% on the value of shares of Bankers in closing of Toronto's exchange of 1:11 dollars on March 18, 2016 and a premium of 109% on the value of shares during the trading of 30 last days (until March 18, 2016) where the shares are traded an average of 1:05 dollars. David French, president and executive chief of "Bankers" said: "The proposed transaction gives the oportunity to "Bankers" to give back to our shareholders a considerable premium compared to the current market valuation, while gives the company additional financial resources to accelerate our activities in Albania and to capitalize the potential created by the current price environment. This transaction will generate a significant economic benefit for Albania and for local communities where "Bankers" operates . We look forward to working with new investors to take advantage of the opportunities offered by assets. Following a successful transaction, the buyer will provide support to "Bankers" and employees to benefit from the experience and knowledge of the team. The buyer plans to undertake a similar vision of all companies to increase business through operations in Albania, while focusing on growth opportunities in the global market. "
The transaction
After an intensive review and analysis of the proposed transaction and the consideration of other options available, the board of "Bankers" decided unanimously that the agreement is in the best interest of the "Bankers" and its shareholders. Board "Bankers" unanimously approved the agreement and is determined to recommend that shareholders vote in favor of the agreement. Each of the senior officials and managers, who represent approximately 6% of the shares of "Bankers" have entered into voting agreements supporting the buyer and have agreed to vote in favor of the approval of the agreement.
The buyer
"Geo-Jade", $ 3.6 billion capital
Geo-Jade is one of the largest independent exploration and production companies listed on "Shanghai Stock Exchange" (SH: 600759) with a market capitalization greater than $ 3.6 billion. Geo-Jade has made successful investments in oil and gas worldwide, with its main assets located in Central Asia, North America and China.